Amends TCA Title 66, Chapter 2, Part 3.
Tennessee HB0219 amends the Tennessee Code Annotated to require foreign persons who acquire agricultural land in the U.S. to file a copy of their federal Agricultural Foreign Investment Disclosure Act report with the commissioner of agriculture. The bill affects foreign investors in agricultural land and establishes a civil penalty of up to 25% of the fair market value of the land for failing to file, with the attorney general authorized to seek this penalty. Additionally, the commissioner is empowered to create rules to implement the bill's provisions, which will expire upon the repeal of the federal law.
Tennessee HB0219 amends the Tennessee Code Annotated to require foreign persons who acquire agricultural land in the U.S. to file a copy of their federal Agricultural Foreign Investment Disclosure Act report with the commissioner of agriculture. The bill affects foreign investors in agricultural land and establishes a civil penalty of up to 25% of the fair market value of the land for failing to file, with the attorney general authorized to seek this penalty. Additionally, the commissioner is empowered to create rules to implement the bill's provisions, which will expire upon the repeal of the federal law.
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